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Asif Iqbal
Doha
Qatar's strong economic fundamentals and robust government spending have had a ripple effect on Qatar's real estate sector, which has emerged as one of the most lucrative investment options in the world, according to a top real estate investor. He said returns on realty investments in the country are one of the highest globally.
"There are several reports which talk about the downturn in Qatari real estate sector, but that is not true. It gets sick but it will never die. The real estate is very robust in the country and I encourage investors to continue investing in this sector," JRE Chairman Nasser al Ansari told Qatar Tribune during the opening of the firm's luxury real estate sales centre in Al Shoumoukh Tower on Thursday.
Drawing an instance from his personal experience to illustrate the point, Ansari said,"A few years ago, I purchased a lot in West Bay area when the price was around QR35-QR55 per square feet. Now the price in that area is about QR1,000 per square feet."
Ansari's outlook on the country's real estate sector is also backed by a recent report by Al Masah Capital, which said there has been a surge in demand for housing. According to the report, the country's rapid growth and attendant demographic changes, including an influx of foreign workers, have led to the increase in demand of more residential units.
From an investment standpoint, Qatar's desirability is highlighted by JRE's property portfolio, the chairman said.
"Eighty-five percent of our business is in Doha, 10 percent is in the UK and the remaining 5 percent in other parts of the world. This proves that we have a lot of confidence in the country's realty market," Ansari said.
JRE's property portfolio in Qatar includes luxury commercial building THE e18hteen; Jenan Residence, which offers attractive mixed-use properties located in Lusail's Marina District, and The View Residence, a 15-storey residential complex in Qutaifiya area near the Diplomatic Club.
The other properties include La Verna Villas and Residences; the Samrya Twin Towers, a new high-rise that complements the attractive skyline in the upscale West Bay district of Doha; luxurious residential unit Samrya 44, and hotel apartment Samrya Village.
"JRE is a one-stop destination for all real estate solutions. We manage and facilitate sales and leasing opportunities in some of the most exclusive real estate projects in Qatar and abroad, provide marketing communications expertise, development management, asset management and property and facilities management so it was important to us to have a home that reflects our vision," Ansari said.
